Monetary Policy Transmission in Emerging Markets and Developing Economies

Released on by Mr.Luis Brandao-Marques
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  • Monetary Policy Transmission in Emerging Markets and Developing Economies Book Detail

  • Author : Mr.Luis Brandao-Marques
  • Release Date : 2020-02-21
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 54
  • ISBN 13 : 1513529730
  • File Size : 60,60 MB
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Monetary Policy Transmission in Emerging Markets and Developing Economies by Mr.Luis Brandao-Marques PDF Summary

Book Description: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.

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Stock Market Liquidity in Chile

Stock Market Liquidity in Chile

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Chile has a large but relatively illiquid stock market. Global factors such as global risk appetite and monetary policy in advanced economies are key cyclical d